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A close-up look at the struggle for democracy in Hong Kong.Hong Kong in the Shadow of Chinais a reflection on the recent political turmoil in Hong Kong during which the Chinese government insisted on gradual movement toward electoral democracy and hundreds of thousands of protesters occupied major thoroughfares to push for full democracy now. Fueling this struggle is deep public resentment over growing inequality and how the political system-established by China and dominated by the local business community-reinforces the divide been those who have profited immensely and those who struggle for basics such as housing.Richard Bush, director of the Brookings Institution's Center on East Asia Policy Studies, takes us inside the demonstrations and the demands of the demonstrators and then pulls back to critically explore what Hong Kong and China must do to ensure both economic competitiveness and good governance and the implications of Hong Kong developments for United States policy.

The mixture of different interested parties, from the elite locals, made up mostly of businessmen, the British Hongs, the expatriate civil servants and their local counterparts, the British Government and its Foreign Office gurus, the mainland Chinese and

Hong Kong is among the richest cities in the world. Yet over the past 15 years, living conditions for the average family have deteriorated despite a robust economy, ample budget surpluses and record labour productivity. Successive governments have been reluctant to invest in services for the elderly, the disabled, the long-term sick, and the poor, while education has become more elitist. The political system has helped to entrench a mistaken consensus that social spending is a threat to financial stability and economic prosperity. In this trenchant attack on government mismanagement, Leo Goodstadt traces how officials have created a ‘new poverty’ in Hong Kong and argues that their misguided policies are both a legacy of the colonial era and a deliberate choice by modern governments, and not the result of economic crises. This provocative book will be essential reading for anyone wishing to understand why poverty returned to Hong Kong in this century.

This edited volume is a compilation of the analyses written by East Asian Institute experts on Hong Kong since the handover. It covers most, if not all the important events that have taken place in Hong Kong since 1997, including its economic integration and relations with China, its governance conundrums, the Hong Kong identity and nation-building, the implementation of the minimum wage, and the elections from 2011-2012. The book's panoramic view of Hong Kong makes it a useful resource for readers who seek a broad understanding of the city and how it has evolved after its return to China. It also offers some glimpses into the direction Hong Kong is heading in its socio-economic relations with China at both the state and society levels, as well as its domestic political developments and the prospects for democratization.

The business connections between Beijing, Hong Kong and Shanghai and other major world cities are investigated using the interlocking network model based upon the location strategies of advanced producer service firms. This approach emphasises non-hierarchical relations between cities. A key new finding is that city-dyad analysis enhances the prominence of these China cities compared with simple ranking by total global network connectivity. This suggests that Hong Kong, Shanghai and Beijing have developed more strategically important roles in the world city network than previously understood. Yet the geographies of these links are distinctive, with Shanghai shown to be better connected to the more important world cities such as London and New York than Beijing; and Beijing is found to be better connected to political world cities such as Washington and Brussels, and to other Pacific Asian cities, than Shanghai. The results are interpreted as suggestions for developing a new research programme.

We propose a simple-to-implement panel data method to evaluate the impacts of social policy. The basic idea is to exploit the dependence among cross-sectional units to construct the counterfactuals. The cross-sectional correlations are attributed to the presence of some (unobserved) common factors. However, instead of trying to estimate the unobserved factors, we propose to use observed data. We use a panel of 24 countries to evaluate the impact of political and economic integration of Hong Kong with mainland China. We find that the political integration hardly had any impact on the growth of the Hong Kong economy. However, the economic integration has raised Hong Kong's annual real GDP by about 4%.

ABSTRACT This study investigates the influence of stock market liberalization on large shareholders’ “tunneling” behavior. It uses data from A-share listed corporations on the Shanghai Stock Exchange and Shenzhen Stock Exchange for the time period ranging from 2007 to 2018. Employing the Mainland China-Hong Kong Stock Connect program as a natural experiment, we construct a staggered difference-in-differences model and report that stock market liberalization significantly inhibits large shareholders’ tunneling behavior. Further tests found that an increase in stock selling pressure, balancing of stockholder’s rights, and improvement of the information environment are potential mechanisms. Heterogeneity tests reveal that the negative association between stock market liberalization and large shareholders’ tunneling behavior is more prominent in state-owned enterprises and companies that do not use Big 4 auditors. This study confirms that stock market liberalization plays a disciplinary role in mitigating firms’ agency costs in an emerging economy. RESUMEN Utilizando datos de empresas que cotizan en acciones A en la Bolsa de Shanghái y la Bolsa de Shenzhen de 2007 a 2018, este estudio investiga el impacto de la liberalización del mercado de valores en el comportamiento de tunneling de los grandes accionistas. Empleando el Programa de Conexión Bursátil entre China Continental y Hong Kong como experimento natural, construimos un modelo escalonado de diferencias en diferencias y encontramos que la liberalización del mercado de valores inhibe significativamente el comportamiento de tunneling de los grandes accionistas. Otras pruebas revelan que el aumento de la presión de venta de acciones, el equilibrio de los derechos de los accionistas y la mejora del entorno informativo son mecanismos potenciales. Las pruebas de heterogeneidad revelan que la relación negativa entre la liberalización del mercado de valores y el comportamiento de tunneling de los grandes accionistas es más pronunciada en las empresas estatales y en las empresas que no contratan auditores de las denominadas “Big Four”. Este estudio aporta pruebas empíricas de que la liberalización del mercado de valores desempeña un papel disciplinario en la mitigación de los costes de agencia de las empresas de una economía emergente. RESUMO Usando dados de empresas listadas em ações A na Bolsa de Valores de Xangai e na Bolsa de Valores de Shenzhen de 2007 a 2018, este estudo investiga o impacto da liberalização do mercado de ações sobre o comportamento de “tunneling” dos grandes acionistas. Empregando o Programa de Conexão de Bolsas da China Continental com a de Hong Kong como um experimento natural, construímos um modelo de diferença-em-diferenças escalonado e descobrimos que a liberalização do mercado de ações inibe significativamente o comportamento de tunneling dos grandes acionistas. Outros testes concluem que o aumento da pressão de venda de ações, o equilíbrio dos direitos dos acionistas e a melhoria do ambiente de informações são mecanismos potenciais. Os testes de heterogeneidade constatam que a relação negativa entre a liberalização do mercado de ações e o comportamento de tunneling dos grandes acionistas é mais acentuada nas empresas estatais e nas empresas que não contratam auditores das chamadas Big 4. Este estudo fornece evidências empíricas de que a liberalização do mercado de ações desempenha um papel disciplinador na mitigação dos custos de agência das empresas de uma economia emergente.

Hong Kong Management and Labour argues, in a series of previously unpublished, completely up-to-date contributions, that economic and social change has been ongoing in Hong Kong for many years, and political change is perhaps less important for labour and management in the region. This book is written bearing in mind the concerns of policy makers and managers - particularly human resource managers, and those interested in labour relations, trade unions, labour markets and law, and comparative management. 1. Hong Kong After The Handover 2. Labour Market Adjustment and Inequality in Hong Kong 3. Management in Hong Kong 4. Employee Participation And Trade Unions In Hong Kong 5. Hong Kong In East Asia

Existing literature has long recognized that a partnership has been forged between the PRC government and Hong Kong's capitalist class. However, the implications of such a partnership for HKSAR governance have yet to be thoroughly explored. By examining the formation of this partnership and its consolidation after 1997, this article argues that the business sector's direct access to the sovereign state has fundamentally changed the dynamics of state–business relations in the HKSAR. As a consequence of the partnership between Beijing and the business sector, business elites have taken their concerns straight to the mainland authorities whenever they see their interests affected by the post-colonial state. This kind of circumvention has become a part of post-1997 politics, undermining the relative autonomy of the post-colonial state and resulting in growing cleavages within the state–business alliance during the first 15 years of the HKSAR. Whether and how such a partnership will evolve in the aftermath of the 2012 chief executive election remains to be seen.